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Sihayo Gold Ltd.
Summary
| Project: | Sihayo Pungkut | |
|---|---|---|
| Deposit: | Sihayo Pungkut | |
| Location: | Indonesia | |
| Commodities: | Gold | |
| Date: | 8/23/2018 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 23-8-2018: Sihayo Gold Ltd. announces a Feasibility Study report for its Sihayo Pungkut deposit at the Sihayo Pungkut project. Additional information to comply with ASX listing rules regarding previous announcement. The Board of Sihayo Gold Limited (“Siha | |
| Resources: | (Reserve, P+P): 11.391Mt @ 2.1g/t Au for 761Koz Au contained | |
| CP/QP: | [Resources]: Tony Mcdougall (PT Sorikmas Mining) | |
| ABSTRACT: | The Board of Sihayo Gold Limited (“Sihayo” or “the Company”) is pleased to provide additional information regarding the recently announced results of the updated Feasibility Study for its 75% owned Sihayo Gold Project. The company acknowledges the previous announcement did not contain sufficient detail to comply with the ASX listing rules. The additional detail included in the report following supports the highlights in the previous announcement. There has been no change to the underlying data or the conclusions drawn therefrom. The Reserve and Resource estimates have been prepared in accordance with JORC Code 2012 Edition and Guidelines. The Table 1 for both Resource and Reserve are attached as appendices to the report along with the signed consent statements from the relevant competent persons. As stated in the announcement of 6th August the Company is now exploring options to finance the construction of the project. The major shareholders have agreed to fund the Company via an unsecured loan of AUD2m while financing options for the project are considered. Over the last year the Company has had preliminary discussions with several potential equity investors. These discussions have been very preliminary but indications have been positive. Two of the Company’s independent directors, Gavin Caudle and Mark Hepburn have a successful track record of raising debt and equity funding. Mr Caudle has been involved in transactions for multiple mining projects in Indonesia. These include ASX entities Finders resources (FND), Sumatra Copper Gold (SUM) and IDX listed Merdeka Copper Gold (IDX:MDKA.) Merdeka Copper Gold was initially financed and constructed for approximately AUD 200m and is now undergoing a AUD60m expansion. Through these directors, particularly Mr Caudle, the Sihayo project has been discussed with major international banks. These include several of the same banks which have funded the mining projects mentioned above. Whilst again preliminary, the feedback is that there is a reasonable basis to expect that project financing is possible through a combination of debt and equity. | |
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